Demand for
Harmonic Filters Climbs High on Swelling Need for Power in Utilities
Growing concerns
over the quality of power and power transmission, triggered by the
swelling need for power on utilities, have boosted the demand for
harmonic filters across the world, TMR’s analysis notes. The sales
volume of these filter has also been climbing high on the back on
increasing installation of variable frequency drives (VFDS) in the
recent past. In 2015, harmonic filters gained an overall market value
of US$697.2 mn, globally.
Over the next few
years, the implementation of strict rules pertaining to energy
consumption in industries is projected to upswing the demand for
harmonic filters, specifically in IT industry and data centers.
However, the dearth of consumer awareness regarding harmonic
suppression will limit their application across other industries.
Besides, harmonic filters are expensive and their installation and
maintenance incur a significant amount as well, which also will
hamper their adoption to some extent.
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The global harmonic
filter market is expected to rise at a CAGR of 6.50% during the
period from 2016 to 2024 and reach an opportunity worth US$1.2 bn by
the end of 2024.
Active Harmonic
Filters to Gain Impetus
Harmonic filters are
available in two types: Active and passive. Passive harmonic filters
enjoy a higher demand in comparison with active harmonic filters,
owing to their cost efficiency and robust design. In 2015, the
passive harmonic filter segment accounted for more than a share of
75% of the overall demand. The segment is expected to remain dominant
in the coming years; however, its share in the total demand is likely
to drop to 74% by the end of 2024.
Active harmonic
filters will gain significant impetus over the next few years, states
TMR. The rising awareness regarding the benefits offered by these
filters in terms of voltage stability and harmonic mitigation is
projected to drive this segment at a CAGR of 8.1% from 2016 to 2024.
Asia Pacific to
Remain at Center of Global Harmonic Filters Market
The market for
harmonic filters stretches across Asia Pacific, Europe, Latin
America, North America, and the Middle East and Africa. With a share
of nearly 38%, Asia Pacific has emerged as the largest contributor to
the global market in 2015. The region has suffered massive losses of
energy during distribution and transmission due to poor power
quality, which has compelled enterprises operating in this region to
deploy harmonic filters in order to ensure improved power quality.
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As the region
witnesses a soaring need for electricity, the demand for harmonic
filters is likely to increase extensively in the coming years. Rising
at a CAGR of 6.80% during the period from 2016 to 2024, the market
opportunity is estimated to increase from US$264.3 mn in 2015 to
US$471.6 mn by the end of 2024.
Europe emerged
second in the global harmonic filter market in 2015; however, the
region is likely to experience a sluggish demand for these filters in
the coming years. Thanks to the availability of high-quality power
infrastructure, harmonic concerns do not amount to be a problem in
Europe.
At the forefront of
the global harmonic filter market are companies such as ABB Ltd.,
Emerson Electric Co., and Schneider Electric SE. Collectively, these
three players account for a share of 41% in the overall market.
MTE Corp., Eaton
Corp. Plc, TDK Corp., Crompton Greaves Ltd., Schaffner Holding AG,
Baron Power Ltd., Danfoss A/S, Siemens AG, and Comsys AB are some of
the other prominent participants in the highly concentrated market
for harmonic filters.
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